don your info is incorrect. you say rates bottomed a few years ago thats totally false. rates have been coming down for years. your rates might have bottomed years ago but assent,hold and others are much cheaper than you. i know a manager at assent that gets basically unlimited margin for his series 7 guys and is big sub .002. you say your rates are all in but thats not really accurate either. if you give me your lowest rate .004 and i bang the bid and ask all day long on nasdaq and you net out overides of .001 you won't allow that for long. your all in is with nyse which only has a .00025 fee per share. again if i bang arca bids and asks all day at .004 all in you won't like that either paying the .003 ecn fee for me. ALSO LOOK NO FURTHER THAN BAC OFFERING ZERO COMMISSIONS FOR 30 TRADES A MONTH TO KNOW THAT FEES NEVER BOTTOMED YEARS AGO. and as far as i know assent has over 1000 traders 28 offices and is owned by huge sunguard so you can't call them a cheapee firm. don for a year now you've constantly argued that firms like echo,hold and others are not lower than your best rates of .004 but thats simply false . go look at the p@ l board and many guys with hold are near .002 and they're just traders so there mangers are sub .002. some big guys with genesis are even sub .001. now you clear threw gs so your clearing cost alone are probably .0015 or so(the reason i say this is i saw an article when etg was bought by shoney and they said clearing threw gs for etg was around .0015 cent a share) not trying to argue just setting the facts straight
eh, doniz tryin' to explain' [get away with] bright's rates? big whoop, it's his job, mislead, rob and run, no wonder he luvs so much the specialists, same breed prolly. am j/k doniz, just havin' a bit of fun, i know u gotta keep those balance sheets lookin' good. i frankly would do the same in your place.
Yes, sub .004 is very common for experienced traders -- but obviously this depends on your volume, and rates are not climbing. I am not sure they have even bottomed, but if they have, it's possibly around .002 for the people I talk to doing 5-8 mil a month. I'm sure Genesis, Echo, Generic, Benchmarq, Assent will negotiate a fair rate with you if you know what you're doing. Just a note, I do over 70k a day and get .003 base (with certain variations), so know you can get that on vol around there.
As my friends at other firms say "show me those sub .002 rates" LOL, with virtually "unlimited buying power" (if only...sign me up, and, yes, I PAY MORE THAN THAT, PERIOD ...sorry to burst that bubble. When we considered buying ETG, my friend, Jeff Mester (President of ETG) and I spent a lot of time together, and I know exactly what all their people paid (I wish I could charge those rates, seriously). Is "clearing" the only cost involved, I wish. And, (not trying to be a brat here, but...)..... would you like to make a little wager here about my friends at Assent (whom I think is much better since they changed management, BTW)... for every person over 1,000 that they have, I will pay you $1,000 (licensed Assent trader), if you will pay me half, yes only $500 for every number less than 1,000. If you would consider it, we'll chat. I don't really expect you to get involved in such a one sided bet, you're too smart, that's why I question your statements in this post. I will compare apples to apples with anyone, at any time...consider the trader's needs, consider the trader's bottom line. Look, competition is fine, even applauded...but I have to deal with reality every day...I know our costs, I know what our traders pay, and I know what the industry average is....it's my job, it's my business, and it's my passion. Consider: Buying Power (reality, overnight), Writing to API, short stock interest, short stock availability, access to your capital on a weekly basis (and, yes getting paid overnight), training from experts with continuing access to other avenues of earnings, security and regulatory issues, etc., etc. As far as BAC goes, I have been saying for years that retail firms don't need to charge any commissions at all..they don't pay interest on short stock money (check Investopedia)...and I am thrilled that millions of more "traders" will be making more trades so that we can make more money...sounds harsh, but if you bring more amateurs into a profession game, it has to be good for us. OK, well it's been a while, but this is always fun ... Don
Does being remote have an impact on the rate a trader pays? You would think that since a firms does not have to pay for all of the expenses associated with having an office that they could offer a better rate than if an individual was trading in an office. Is this the case?
Remote traders don't pay office rent in our case...they pay a smaller amount and get it all refunded if they trade only 200K shares per month...so no rent. All the clearing costs are the same of course, and we have to pay a remote manager to monitor risk and all that. Don
remote rates seem to be the same which makes no sense.don's very good aT telling you why bright is so much superior than most and i take my hate off to his passion. but believe what you want but there are top rated companies giving huge leverage and1/2 the rates of bright period. ISN'T IT VERY STRANGE THAT ALL THE BIG HITTER P@L'S ON HERE AND AS FAR AS I CAN SEE NOT A ONE IS BRIGHT. THE REASON IS RATES PERIOD. MY LAST WORDS ON THE SUBJECT BUT DO YOURSELF A FAVOR AND NEGOTIATE HARD AS THERE ARE AWESOME DEALS OUT THERE FOR VOL
Don, I new some people that used to trade at Bright and was told that in office traders also got some sort of rebate that was based on annual volume. Do you still offer this?
Maybe, just maybe, our "heavy hitters" are actually busy trading...but perhaps I should recruit a few, LOL. All shares above 1,000 on any order, for any trader (even brand newbies) are .004. The first 1,000 is a sliding scale. The high volume traders who have returned are proof enough IMO. I have no problem being competitive, again, apples to apples. I suggest that everyone do their research, come by and chat. All the best, Don
Yes, many get a full rebate of office rent as well. This is based on share volume, and the numbers mentioned here are well above the amount needed to get a full rebate (1mil average per month). Thanks for asking.... The traders who come to negotiate, and bring their sheets and tax returns, are generally able to come up with something that works well for both sides. Don